ING rebalances hedge portfolio for employee options
(Thomson Reuters ONE) -
ING Groep N.V. announced today that it has sold 3,590,000 (depositary receipts
for) ordinary shares for its delta hedge portfolio, which is used to hedge
employee options and facilitate employee share programmes. The shares were sold
in the open market on 7 and 8 September at an average price of EUR 7.39 per
share.
ING does not issue new shares to cover employee options. Instead, employees
receive shares from the delta hedge portfolio, which is maintained to minimise
the market risks and price fluctuations that arise from the employee option
programmes. The hedge position is adjusted periodically, generally on a
quarterly basis, in accordance with regulatory requirements and ING's policies
to prevent market manipulation.
The hedge book currently holds 47.7 million (depositary receipts for) ordinary
ING shares, representing 1.2% of the 3,832 million shares outstanding.
Press enquiries Investor enquiries
Raymond Vermeulen ING Group Investor Relations
+31 20 541 5682 +31 20 541 5460
Raymond.Vermeulen(at)ing.com Investor.relations(at)ing.com
ING PROFILE
ING is a global financial institution of Dutch origin offering banking,
investments, life insurance and retirement services. As of 30 June 2010, ING
served more than 85 million private, corporate and institutional clients in more
than 40 countries. With a diverse workforce of about 105,000 people, ING is
dedicated to setting the standard in helping our clients manage their financial
future.
IMPORTANT LEGAL INFORMATION
Certain of the statements contained herein are statements of future expectations
and other forward-looking statements. These expectations are based on
management's current views and assumptions and involve known and unknown risks
and uncertainties. Actual results, performance or events may differ materially
from those in such statements due to, among other things, (i) general economic
conditions, in particular economic conditions in ING's core markets, (ii)
performance of financial markets, including developing markets, (iii) the
implementation of ING's restructuring plan to separate banking and insurance
operations, (iv) changes in the availability of, and costs associated with,
sources of liquidity, such as interbank funding, as well as conditions in the
credit markets generally, including changes in borrower and counterparty
creditworthiness, (v) the frequency and severity of insured loss events, (vi)
mortality and morbidity levels and trends, (vii) persistency levels, (viii)
interest rate levels, (ix) currency exchange rates, (x) general competitive
factors, (xi) changes in laws and regulations, (xii) changes in the policies of
governments and/or regulatory authorities, (xiii) conclusions with regard to
purchase accounting assumptions and methodologies, (xiv) changes in ownership
that could affect the future availability to us of net operating loss, net
capital loss and built-in loss carryforwards, and (xv) ING's ability to achieve
projected operational synergies. ING assumes no obligation to update any
forward-looking information contained in this document.
[HUG#1443334]
pdf version of press release:
http://hugin.info/130668/R/1443334/387498.pdf
This announcement is distributed by Thomson Reuters on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: ING Group via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 08.09.2010 - 17:42 Uhr
Sprache: Deutsch
News-ID 41795
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"ING rebalances hedge portfolio for employee options"
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